Government securities of Kazakhstan are included in the J.P. Morgan watch list for inclusion in the GBI-EM Index (Government Bond Index – Emerging Markets)

Following the revision of the J.P. Morgan index classification for 2026, Kazakhstan was assigned the status of Index Watch–Positive (positive watch list) for the potential inclusion of the country's government securities in the GBI-EM emerging market index.

The availability of the Kazakh government securities market for international investors, including the possibility of access through the international clearing and settlement infrastructure, will be assessed within 12 months. The liquidity of bonds meeting the index criteria will also be reviewed.

The status assignment was an important result of the joint work of the Ministry of Finance of the Republic of Kazakhstan and the National Bank of Kazakhstan to develop the government securities market, improve market infrastructure and increase the availability of Kazakhstani financial instruments for international investors.

The transition to a new stage of review confirms the progress in the integration of the Kazakh government securities market into international capital markets. Potential inclusion in the index will help expand the base of foreign investors, increase liquidity and reduce borrowing costs.